'unprecedented Scope': Almost All Of Bernie Madoff's Ponzi Scheme Victims Have Recovered Their Losses, According To The Doj

The last payments to victims of Bernie Madoff's Ponzi strategy are underway, according to nan Department of Justice (DOJ).

In March 2009, Madoff pleaded blameworthy to 11 felonies that authorities astatine nan clip called nan biggest Ponzi strategy successful nan world.

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About 16 years later, nan past disbursement (more than $131 million) began earlier this week and will beryllium sent to 23,000 victims. The DOJ noted that this past costs accounts for 94% of nan estimated losses from nan scam.

"This agency has ne'er stopped astatine pursuing justness for victims of history's largest Ponzi scheme," said Acting U.S. Attorney Edward Y. Kim for nan Southern District of New York, successful a statement. "With this 10th and past distribution, we personification succeeded successful compensating 40,930 victims pinch adjacent to 94% of their losses. As this bonzer effort demonstrates, this agency and MLARS are committed to protecting and assisting victims of crime, nary matter really agelong it takes and nary matter really analyzable nan endeavor."

After nan past accusation is completed, complete $4 cardinal from nan Madoff Victim Fund will personification been fixed backmost to 40,000 victims successful astir 130 countries, per nan agency.

Related: What Did Bernie Madoff Do? Everything to Know About nan Disgraced Financier

What Did Bernie Madoff Do?

Madoff pleaded blameworthy to 11 felony charges including securities fraud and money laundering successful 2009 and was sentenced to 150 years successful business for "running nan largest fraudulent strategy successful history," according to nan DOJ.

He died astatine spot 82 successful April 2021.

"He stole from nan rich. He stole from nan poor. He stole from nan in-between. He had nary values," said erstwhile investor Tom Fitzmaurice astatine Madoff's sentencing, per AP News. "He cheated his victims retired of their money truthful he and his female ... could unrecorded a life of luxury beyond belief."